Law 7/1977 Of 4 January, On Participation Of Spain In The General Increase In Regular Resources From The African Development Fund.

Original Language Title: Ley 7/1977, de 4 de enero, sobre participación de España en el aumento general ordinario de recursos del Fondo Africano de Desarrollo.

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Pursuant to the decree-law/one thousand nine hundred seventy-four, seven February, Spain is part of the African Development Fund, multilateral financial institution aiming to promote the development of African countries and to raise the standard of living of its population.

The Council of Ministers at its twenty-fourth day of October of thousand nine hundred seventy-five meeting authorize the Ministry of finance so that, in the negotiations being carried out aimed at an increase in the resources of the African Development Fund for its second period of operations, Spanish participation in such an increase would be up to six million units of account.

The resolution uno-setenta and six, of twenty-six of February of thousand 1900s seventy and six, of the Council of Governors of the Fund of development agreed make an increase general ordinary of their resources to make facing them needs of funding of them projects to perform during the second period of operations, that comprises of the one of January of thousand 1900s seventy and six until the three of December of thousand 1900s seventy and eight.

In accordance with the resolution approved, the subscription corresponding to Spain is of six million of units of has, taking in has its purpose, that is inscribed within the political of the State Spanish, of provide media of funding for contribute to it helps of them countries of lower grade of development relative through them institutions internaciocionales of character multilateral the Government considers suitable Spanish participation in accordance with the terms contained in this resolution.

By virtue of and in accordance with the law passed by the Spanish Parliament, come on punishment: article 1.

Spain will participate in the first increase general ordinary of them resources of the Fund African of development, to whose effect will make them subscriptions additional corresponding, in them terms established in the resolution uno-setenta and six, approved by the Council of Governors of this institution the twenty-six of February of thousand 1900s seventy and six, whose translation figure as annexed to the present law , with the amount of six million of units of has, according to is defined in the article first of the agreement of creation of the Fund African of development, published as annexed to the decree-law one / thousand 1900s seventy and four, of seven of February.

Second article.

The Spanish subscription payment shall be made in three equal annual installments, in conditions that are set forth in the resolution cited, empowering the Minister of finance, if it considers it convenient, to take advantage of the payment facilities laid down in paragraph five, c), of the above-mentioned resolution.

Third article.

Payment will be effective in freely convertible currency by the Bank of Spain, in accordance with the powers which under current regulations.

Fourth article.

It empowers the Ministry of finance to adopt whatever measures are called for the implementation of the provisions of this law.

Fifth article.

This law shall enter into force the day after its publication in the "Official Gazette".

Given in Madrid to four of January one thousand nine hundred seventy and seven.

JUAN CARLOS.

The President of the Spanish Parliament, TORCUATO Fernández-Miranda and HEVIA annexed Council of Governors resolution number 01 - 76 increase in resources: first general reconstitution of resources (adopted on 26 February 1976) the Board of Governors, whereas articles 2, 4, 7, 8 and 23 of the agreement that created the African Development Fund (hereinafter referred to as 'the agreement');

Whereas the report of the Board of Directors of May 4, 1975 on the implementation of resolution 5-74, concerning the increase of resources of the Fund;

Whereas the report of the Board of Directors of 16 December 1975 on the implementation of resolution 9-75, referring to the increase of resources of the Fund and, more particularly, the recommendations of the Board of Directors, which are contained in the said report, as a result of discussions authorised under the third paragraph of the resolution 9-75;

Whereas the Governments of the participating States listed in the annex to estimate quantities and conditions contained in this annex and in the present resolution constitutes an appropriate basis for the preparation of the accompanying recommendation to their respective legislative powers and that those governments intend to request, where so required, its legislative powers the approval of these commitments in order to obtain the authorization to sign the quantities listed in the cited in Annex A, and taking into account that no definite commitment can be taken by a State participant before get, when necessary, the authorization of the legislature.

Recognizing that the first periodic review in order to make an estimate of the resources of the Fund has demonstrated the need to significantly increase these resources, decides: 1. authorize the substance to proceed with a first ordinary general increase of its resources, for a period of three years, beginning on January 1, 1976.

2. for these purposes the Fund is authorized to accept additional subscriptions of the States participating in the amounts indicated in the Annex A of the present resolution, as well as other additional subscriptions of the States parties not included in Annex A. Additional subscriptions of the latter would be communicated to all participating States within the thirty days following the date of receipt at the bottom of the notification of each participating State concerned.

3 authorizes the Fund, in addition, within the framework of this general increase in regular resources, to accept a subscription amount exceeding that specified in the schedule of any participating State in no less favourable conditions that those set forth in the present resolution. These subscriptions are would notify all participating States within a period of sixty days, counting from the date that the Fund receives the corresponding request from the Subscriber.

4 to) in order to determine its percentage in all of the votes of the States parties under paragraph three of article 29 of the agreement, each additional subscription of a participating State shall be added to the subscription paid by that State, in accordance with article 6 of the agreement.

((b) each participating State accepts the provisions of paragraph a) above, where approval is required under paragraph three of article 29 of the agreement.

5 to) the amount of each of these subscriptions will be disbursed in three equal annual installments on or before 1 July 1976, at or before 1 July 1977 and on or before July 1, 1978, bearing in mind, however, that if the reconstitution of resources authorized by this resolution has not entered into force on July 1, 1976 , according to the provisions of the following number 7, the first disbursement, which should take place will be deferred as later thirty days once it entered into force the reconstitution.

((b) If a participating State directed to fund the notification that is referenced in the following number 7 after the date indicated in paragraph a) above for the disbursement of the first paragraph, this participating State shall disburse this term within the thirty days following the date of the notification.

(c) a participating State can opt to pay three deadlines for your subscription through disbursements equal, not progressive, provided that the first of these disbursements is not less than 25 per 100 of the amount of the subscription of that State as described in the present resolution.

(d) If a participating State notifies the Fund with thirty days in advance unless before the expiration of the first disbursement of your subscription, which for reasons of procedure or administrative problems not possible pay and you want to defer it, you can do so for a period whose duration shall be approved by the Council of administration of the Fund , but that may not end later than 1 January 1977.

6. the rights and obligations of participating States which carry out payments of additional subscriptions in accordance with the present resolution of the other participants, the Bank and the Fund, with regard to the additional subscriptions referred to in the present resolution, will be the same ones that correspond to the initial subscriptions of founders participating States according to the stipulated in article 6 of the agreement , unless stated otherwise in the present resolution.

7 to) shall not be payable subscriptions authorized by this resolution until the following condition is fulfilled: that took place the official notification to the Fund on January 1, 1976 or at an earlier date determined by the governing body, by a number of participating States, whose subscriptions represent at least 55 per 100 total pledging to sign the quantities authorized by this resolution for each of the participating States, in accordance with the provisions of the present resolution.


((b) reconstitution of resources authorized by this resolution shall enter into force at the time that the condition referred to in the preceding paragraph are fulfilled, taking into account, however, that no country will be obliged to pay the amount that is authorized to sign, unless it has made to fund the official notification referred to in paragraph a). Three months after the date that this condition has been fulfilled, each participating State that has carried out this notice shall be entitled to the number of votes proportional to your subscription according to article in this resolution. Each participating State making such notification to the Fund at a later date shall be entitled to the number of votes proportional to your subscription according to article in this resolution.

Annex to subscriptions in units of account in Belgium 6,000,000 Brazil 3,000,000 Canada 45.000.000 Denmark 10,000,000 Republic Federal of Germany 22.500.000 Finland 4,000,000 Italy 20,000,000 Japan 30,000,000 Netherlands 12,000,000 Norway 15,000,000 Spain 6,000,000 Sweden 18,000,000 Switzerland 12.380.000 United Kingdom 17.000.000 Total 220.880.000 opinions and procedures PRECEPTIVOS

Agreement of the Council of Ministers of 24 of October of 1975.

Report of the Secretary General technical of the Ministry of Hacienda.

Report of the General direction of Treasury and budgets.

Report of the Bank of Spain.

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